What do we know about startup-valuation drivers? A systematic literature review 1

Max Berre () and Benjamin Le Pendeven ()
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Max Berre: Audencia Business School, UJML - Université Jean Moulin - Lyon 3 - Université de Lyon, MAGELLAN - Laboratoire de Recherche Magellan - UJML - Université Jean Moulin - Lyon 3 - Université de Lyon - Institut d'Administration des Entreprises (IAE) - Lyon
Benjamin Le Pendeven: Audencia Recherche - Audencia Business School

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Abstract: Startup-valuation is a critical area of research within entrepreneurial finance, but research on this topic is less consistent and thorough than overall valuation research. Peer-reviewed studies express a range of divergent views and approaches, and the focus varies widely. To bring clarity to this fragmented field, we conduct a systematic literature review, examining 87 peer-reviewed studies published between 1985 and 2020. We analyze these publications in detail and identify 36 startupvaluation drivers and cluster them into five macro-themes: Entrepreneur Characteristics; Firm Characteristics; Investor Characteristics; Market Conditions; and Deal Conditions. We then describe the valuation-impact of these drivers on startups. The range of drivers identified in the literature gives rise to construction of an integrative meta-model based on the macro-themes, placed into appropriate chronological position in the valuation process Our study also identifies key research-gaps and highlights promising directions for exploring the startup-valuation field.

Keywords: Valuation Startup Systematic Literature Review Venture Capital Entrepreneurial Finance; Valuation; Startup; Systematic Literature Review; Venture Capital; Entrepreneurial Finance (search for similar items in EconPapers)
Date: 2023-10-09
New Economics Papers: this item is included in nep-sbm
Note: View the original document on HAL open archive server: https://audencia.hal.science/hal-04232855v1
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Published in Venture Capital, 2023, 25 (4), pp.385-429

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